‘Crypto king' allegedly used NYC townhome as torture chamber to get Bitcoin password

An investigation continues into a Manhattan case seemingly right out of a movie, the details of which are as shocking as they are disturbing.

John Woeltz was arrested Friday and arraigned on charges of kidnapping, unlawful imprisonment and assault, among other charges. He and a business partner spent weeks torturing a third business partner, an Italian citizen, who came to New York City on May 6, law enforcement sources said.

Investigators believe the relationship among the three men had been tumultuous in the past, but came to a head when the Italian arrived early in the month.

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Woeltz and the partner allegedly took the victim's passport and electronic devices, then demanded he give them his Bitcoin password. When the 28-year-old refused to comply, that's when the torture started, police said.

He was bound by his wrists, pistol-whipped, had a gun held to his head, a chainsaw used on his leg, and urinated on. His captors also dangled him off the building as threatened his family.

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After 17 days inside the torture chamber of the "Crypto King," the victim finally managed to escape on Friday. Police said they found him covered in cuts and bruises, with ligature marks on his wrists from being bound.

While Woeltz was taken into custody, detectives are still searching for the other business partner involved.

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Following the arrest of Woeltz, investigators allegedly found a trove of evidence at the rented out home. Law enforcement sources said they turned up multiple Polaroid pictures of the victim being tied up and tortured. Investigators also reportedly recovered a gun and several torture items.

Authorities believe Woeltz is a big-name crypto currency trader from Kentucky with an estimated worth around $100 million. He had reportedly been renting out the Nolita residence at a monthly rate of at least $30,000.

Woeltz was ordered held without bond. His attorney did not speak to the media after arraignment on Saturday.